BNY and trading firm Citadel Securities have completed a transaction using tokenised U.S. Treasuries, CoinDesk reported. The trade was intended to show that tokenised Treasuries can be used immediately as collateral for borrowing after settlement. Banks and trading firms often borrow short-term funds using Treasuries as collateral, but moving securities between accounts and settlement systems takes time and ties up assets. BNY plans to expand digital cash and tokenised deposit functions and extend operating hours for certain settlement systems.

Nine Japanese institutions including Mitsui Sumitomo Bank, Daiwa Securities and SBI Securities have completed Phase 2 validation of Project Trinity. The project focuses on removing risks arising from settlement timing gaps through delivery-versus-payment settlement. In the test, Daiwa Securities and SBI Securities simulated the START market of the Osaka Digital Exchange and settled trades using a security token corporate bond and a trust-type stablecoin. They completed two cross-blockchain simultaneous exchanges.